📌 [RETENTION CLUB]Product-specific retention strategies for big wins with Lisa Kennelly, Global Product Marketing Strategist at Klarna 🗞
Apr 19, 2024
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Global Product Marketing Strategist, Lisa Kennelly from Klarna, discusses the importance of personalized retention strategies tailored to individual user needs. Topics include A/B testing, data analysis, user segmentation, and effective communication tactics to enhance user retention and reduce churn.
Tailor retention strategies to specific user needs for personalized interactions.
Gather insights through segmentation and data analysis to address retention and activation challenges effectively.
Deep dives
Retaining Users with Product-Specific Strategies
It is essential to remind users of the value they gained the first time they used a product to encourage re-engagement rather than pushing new features. For instance, at Klarna, a successful retention strategy involved offering incentives to shop again at the same merchant where they previously made a purchase, highlighting the familiarity and convenience of using Klarna at known locations. This approach was more effective than broad incentives, emphasizing the significance of tailored, product-specific retention tactics.
Insightful Customer Research for Effective Retention Strategies
Gaining nuanced insights about user behavior is crucial for developing impactful retention strategies. Conducting surveys to understand why users lapse, engaging in qualitative conversations, and analyzing customer support tickets can provide valuable data. Segmenting users based on market differences, activity levels, and reasons for discontinuation allows for targeted messaging and campaigns tailored to address specific concerns and preferences.
Differentiating Activation and Retention Issues for Optimal Solutions
Distinguishing between activation and retention challenges is vital in designing effective solutions. An activation problem occurs when users never fully engage with a product, necessitating focused onboarding strategies to demonstrate value. Addressing activation issues requires understanding user behaviors and preferences at the early stages, while retention problems involve keeping active users satisfied and engaged over time. Tailoring approaches based on user segmentation and clear value communication enhances both activation and retention efforts.
In this episode, Lisa breaks down why traditional, one-size-fits-all retention tactics just don't cut it - and talks about how Klarna tailors strategies to individual user needs through personalized communications and sophisticated A/B testing - at scale.
KEY HIGHLIGHTS
📌 Personalize retention strategies to align with specific user needs, avoiding generic approaches.
🔊 Implement A/B testing to determine the most effective retention tactics, such as targeted discounts.
♣️ Collect and analyze data using surveys and AI tools to understand customer departure reasons.
🪐 Segment users by behavior and geographical location to refine marketing strategies.
🌊 Identify whether issues are related to user retention or activation to address the correct problems.
🖥 Actively gather feedback, including during cancellation processes, to extract valuable insights.
🗡 Engage with users regularly to maintain brand presence and swiftly resolve any arising issues.
🛒 Avoid overused communication tactics like “we miss you” messages, opting for relevant and meaningful interactions.
Check out the show notes here: https://mobileuseracquisitionshow.com/episode/product-specific-retention-lisa-kennelly/